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Financial News: Portugal Economy Grows Less Than Estimated In Q4

Portugal Economy Grows Less Than Estimated In Q4

02/26/2021 - 10:49:00 (RTTNews)

(RTTNews) - Portugal's economy grew less than estimated in the final three months of 2020, amid a resurgence in the coronavirus infections across Europe. Gross domestic product increased 0.2 percent from the third quarter, when the economy expanded grew 13.3 percent, revised data from Statistics Portugal showed Friday. The fourth quarter growth was earlier estimated at 0.4 percent. In the first and second quarters, output decreased 4.0 and 13.9 percent, respectively.

Growth in the fourth quarter was largely driven by domestic demand, the agency said. Compared to the same quarter a year ago, the economy shrank 6.1 percent, which was much severe than the initially estimated 5.9 percent. In the third quarter, the economy contracted 5.7 percent. The annual shrinkage was the fourth in a row.

For the full year 2020, GDP decreased a record 7.6 percent after a revised 2.5 percent growth in 2019. Domestic demand made a significant negative contribution to the annual rate of change of GDP, mainly due to the decrease of private consumption. Steep falls in exports and imports of both goods and services made the contribution of net external demand was more negative in 2020. In particular, tourism exports had an unprecedented reduction.

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